Caledonia Mining to fund 20-MW solar project in Zimbabwe via stock sale

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

July 27 (Renewables Now) - Canada-based Caledonia Mining Corporation Plc (NYSEAMERICAN:CMCL) on Friday said it plans to raise up to USD 13 million (EUR 11.1m) through a share sale to finance a nearly 20-MWp solar project at its gold mine in Zimbabwe.

The company has signed a sales agreement with Cantor Fitzgerald & Co for the sales agent to sell up to USD 13 million in shares in Caledonia Mining on the New York Stock Exchange American. The company has also filed an application to London Stock Exchange's AIM market for a block admission of up to 800,000 new depositary interests, which represent the same number of shares in the company. The block admission should become effective today.

Caledonia Mining plans to build the solar power facility at the Blanket Mine in Zimbabwe in three 6.55-MW phases, with the total project expected to be worth up to USD 18 million. Excess power generated by the solar plant is planned to be fed into the grid under an agreement with the local utility.

In 2019, Caledonia Mining invited bids for an engineering, procurement and construction (EPC) contract for the project.

(USD 1.0 = EUR 0.854)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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